Top Five Things To Look For When Hiring A Mortgage Broker

Lifeline Financial |


Buying a home is one of the most significant financial investments you’ll make, and obtaining a mortgage is one part of the purchasing process. While some people opt to shop for a mortgage on their own, due to the complex nature of a mortgage application, enlisting the services of a reliable mortgage broker has several benefits.

A mortgage agent gathers all your information, assess your requirements, informs you about all the available products, and approaches various lenders for a mortgage. They will help you understand what products will best suit your needs and what your best options are based on your situation.

However, we know that finding the right mortgage broker from a slew of options isn’t easy. To simplify your search for the best person for the job, here’s a list of the top five things to consider when you are looking for a mortgage agent.

1. Mortgage Industry Knowledge.

Look for mortgage agent who has a decent amount of experience in the industry because the longer they’ve spent learning the ins and outs, the more extensive their knowledge of the products and lenders will be. They will also know how to find a product that will fit your requirements and budget due to their thorough knowledge.

I have been in the mortgage industry for thirty years and have witnessed all the changes that the industry has passed through. The laws with regards to disclosure and knowing your client have been deepened by the industry regulator - Financial Services Commission of Ontario. I work with clients with the promise of peace, fairness and complete confidentiality in our transactions.

2. Product knowledge.

Most clients may not be aware of this, but there is a wide range of mortgage products on the market. Those who deal with banks alone may not know what is available. A banker’s knowledge is limited to the products their bank has to offer whereas a mortgage broker will have a more extensive awareness of what is available.

Dealing with a mortgage broker like me exposes the client to a variety of lenders and their numerous products. When one lender says no, that may not be the end of the road for a client of mine, because I will show you multiple options that are accessible to you.

3. Ability to match a borrower with a lender.

Directly related to a broker’s knowledge of mortgage products is their ability to match clients with the right product quickly. The ability of a mortgage agent to understanding their client’s exact needs and budget, and find a lender who fulfills that requirement in the quickest possible time will help negate the anxiousness usually associated with waiting for an application to be accepted.

4. Excellent rapport with clients.

Forging a lasting friendship will not only create a sense of certainty, but it will also help enhance other factors like trust and positive interactions. The entire problem-solving situation will then be less stressful considering that many clients are plagued with apprehensions when they need to borrow or deal with excessive debt issues. A mortgage broker will help them find solutions to either getting a mortgage they require or clearing their debts.

One of my best abilities as a mortgage broker and debt counselor is to make the client feel at ease by taking the time to explain what their current situation is and the overall scheme of things. I then proceed to describe what their options are and specify what I can to do to solve their problem. From the first meeting with me, they know that they are in good hands. There was one case where a couple were on the brink of separation due to the pressure of mounting debts but stayed together after discussing their problems with me because they found new hope.

5. Transparent disclosure of fees.

Trust and transparency are hand-in-glove. When there’s transparency, trust is built. Transparency, especially when it comes to money matters, is always important because it highlights honesty and it helps the client trust their mortgage broker. A clear explanation of costs and services right from the start will help build trust and thus strengthen the bond between you and the mortgage broker.

If there are any fees involved, I make sure that my clients are not surprised by it. I am very transparent, and I take the time to explain the costs if the need arises.

If you’re looking for an experienced mortgage broker in North York, Scarborough, Mississauga, Markham, Toronto, Brampton and Vaughan reach out to Lifeline Financial. With thirty years of experience, I can help you with a residential mortgage, commercial mortgage, first-time homebuyer mortgage, builder mortgages, mortgage renewal, equity take-out, credit repair and debt counseling. To learn more about the mortgage services I offer, please click here. To get in touch with me, please click here.